2. During 2018, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2020. The following information is available. 2018 2019 2020 Costs incurred to date $400,000 $825,000 $1,070,000 Estimated costs to complete 600,000 275,000 0 Billings to date 300,000 900,000 1,600,000 Collections to date 270,000 810,000 1,425,000 Instructions a. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. b. Prepare all necessary journal entries for 2020. c. Compute the amount of gross profit to be recognized each year, assuming the cost-recovery method is used